New Risk • May 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿2.01b market cap, or US$62.0m). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿0.13 (vs ฿0.078 loss in 1Q 2025) First quarter 2026 results: EPS: ฿0.13 (up from ฿0.078 loss in 1Q 2025). Revenue: ฿475.8m (up 246% from 1Q 2025). Net income: ฿104.6m (up ฿166.5m from 1Q 2025). Profit margin: 22% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Construction industry in Asia are expected to grow by 8.4%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.2%). New Risk • Mar 03
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.90b market cap, or US$60.1m). Declared Dividend • Feb 28
Dividend increased to ฿0.12 Dividend of ฿0.12 is 300% higher than last year. Ex-date: 5th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.6%, which is higher than the industry average of 2.5%. Payout Ratios Payout ratio: 67%. Cash payout ratio: 7%. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.21 (vs ฿0.002 in FY 2024) Full year 2025 results: EPS: ฿0.21 (up from ฿0.002 in FY 2024). Revenue: ฿1.56b (up 22% from FY 2024). Net income: ฿167.0m (up ฿165.7m from FY 2024). Profit margin: 11% (up from 0.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Seafco Public Company Limited Proposes Cash Dividend for the Operating Period from 01 January 2025 to 31 December 2025, Payable on 20 May 2026 Seafco Public Company Limited at its 2026 Annual General Meeting of Shareholders to be held on 23 April 2026, proposed cash dividend of THB 0.12 per share for the operating period from 01 January 2025 to 31 December 2025. Record date for the right to receive dividends is on 06 May 2026 with Ex-dividend date on 05 May 2026. Payment date on 20 May 2026. Announcement • Feb 25
Seafco Public Company Limited, Annual General Meeting, Apr 23, 2026 Seafco Public Company Limited, Annual General Meeting, Apr 23, 2026, at 09:00 SE Asia Standard Time. Location: visawapiwat room, floor7, thailand council of engineers, located at no. 1616/1 soi lat phrao 54, lat phrao road, wangthonglang, bangkok 10310, bangkok Thailand Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.014 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.11 (up from ฿0.014 loss in 3Q 2024). Revenue: ฿493.8m (up 44% from 3Q 2024). Net income: ฿87.2m (up ฿98.3m from 3Q 2024). Profit margin: 18% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.007 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.05 (up from ฿0.007 in 2Q 2024). Revenue: ฿405.3m (up 53% from 2Q 2024). Net income: ฿37.2m (up ฿31.6m from 2Q 2024). Profit margin: 9.2% (up from 2.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.0% to ฿2.00. The fair value is estimated to be ฿1.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 24
Now 21% overvalued Over the last 90 days, the stock has fallen 4.0% to ฿1.92. The fair value is estimated to be ฿1.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 13
Now 20% overvalued Over the last 90 days, the stock has fallen 9.1% to ฿2.00. The fair value is estimated to be ฿1.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 09
First quarter 2025 earnings released: ฿80.00 loss per share (vs ฿0.041 profit in 1Q 2024) First quarter 2025 results: ฿80.00 loss per share (down from ฿0.041 profit in 1Q 2024). Revenue: ฿137.5m (down 66% from 1Q 2024). Net loss: ฿61.9m (down 285% from profit in 1Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 01
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 21 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (3.0%). Announcement • Mar 20
Seafco Public Company Limited Appoints Somchai Phakaphanwiwat as an Independent Director Seafco Public Company Limited announced that, according to the resolution of the Board of Directors' Meeting No. 3/2025, the company has appointed Assoc. Prof. Dr. Somchai Phakaphanwiwat as an independent director in place of the previous director who has resigned. He will serve for the remaining term of the resigned director. According to good corporate governance principles, the tenure of an independent director should be appropriate to maintain independence in performing duties. The Board of Directors has considered that Assoc. Prof. Dr. Somchai Phakaphanwiwat is qualified to serve as an independent director once again. Although he has already served for a total of nine years, he has been out of office for more than two years, which is considered a sufficient period to ensure independence from the company. During this period, he has had no business or personal relationships with the company. New Risk • Feb 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (฿1.59b market cap, or US$47.3m). Declared Dividend • Feb 24
Dividend of ฿0.03 announced Shareholders will receive a dividend of ฿0.03. Ex-date: 8th May 2025 Payment date: 21st May 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio). However, it is covered by cash flows (73% cash payout ratio). The dividend has increased by an average of 2.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. EPS is expected to grow by 223% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 23
Full year 2024 earnings released: EPS: ฿0.002 (vs ฿0.21 in FY 2023) Full year 2024 results: EPS: ฿0.002 (down from ฿0.21 in FY 2023). Revenue: ฿1.28b (down 28% from FY 2023). Net income: ฿1.36m (down 99% from FY 2023). Profit margin: 0.1% (down from 9.4% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Jan 28
Seafco Public Company Limited Receives Petty Patent for A Pile Installation System and Method Seafco Public Company Limited announced that the company has been granted a Petty Patent by the Department of Intellectual Property for an innovative system and method used in the construction of bored piles. This invention is designed to reduce noise pollution in surrounding residential areas and minimize vibrations, thereby preventing structural damage to nearby buildings. The patent was issued on 23rd September 2024. New Risk • Nov 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.6% Last year net profit margin: 8.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Cash payout ratio: 90% Minor Risks Profit margins are more than 30% lower than last year (4.6% net profit margin). Market cap is less than US$100m (฿1.62b market cap, or US$46.7m). Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿1.84, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Construction industry in Thailand. Total loss to shareholders of 54% over the past three years. Price Target Changed • Oct 07
Price target decreased by 15% to ฿3.00 Down from ฿3.55, the current price target is provided by 1 analyst. New target price is 24% above last closing price of ฿2.42. Stock is down 8.8% over the past year. The company is forecast to post earnings per share of ฿0.05 for next year compared to ฿0.21 last year. Announcement • Aug 16
Seafco Public Company Limited (SET:SEAFCO) announces an Equity Buyback for 25,000,000 shares, representing 3.38% for THB 50 million. Seafco Public Company Limited (SET:SEAFCO) announces a share repurchase program. Under the program, the company will repurchase up to 25,000,000 shares, representing 3.38% of its issued share capital, for THB 50 million. The repurchase price must not exceed 115% of the average closing share price of 5 business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity, to enhance the rate of return on equity, earnings per share and book value per share, to conduct confidence to the company’s shareholders. The program will run through February 20, 2025. As of March 20, 2024, the company had 739,707,908 shares in outstanding. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.01 (vs ฿0.015 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.01 (down from ฿0.015 in 2Q 2023). Revenue: ฿264.5m (down 39% from 2Q 2023). Net income: ฿5.61m (down 55% from 2Q 2023). Profit margin: 2.1% (down from 2.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • Jul 12
Seafco Public Company Limited Announces Resignation of Padej Rujikajorndej from the Position of Company Director and All Subcommittees Seafco Public Company Limited announced that. Mr. Padej Rujikajorndej who was retired has sent a letter informing of his intention to resign from the position of Company Director and all subcommittees. The resignation is effective from July 9, 2024 onwards. New Risk • Jun 27
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.76b market cap, or US$47.6m). Major Estimate Revision • Jun 13
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿1.86b to ฿1.61b. EPS estimate fell from ฿0.191 to ฿0.09 per share. Net income forecast to shrink 36% next year vs 32% growth forecast for Construction industry in Thailand . Consensus price target down from ฿3.55 to ฿2.97. Share price rose 7.7% to ฿2.24 over the past week. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.072 in 1Q 2023) First quarter 2024 results: EPS: ฿0.05 (down from ฿0.072 in 1Q 2023). Revenue: ฿399.3m (down 16% from 1Q 2023). Net income: ฿33.4m (down 43% from 1Q 2023). Profit margin: 8.4% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 27 May 2024. The company last paid an ordinary dividend in August 2013. The average dividend yield among industry peers is 1.8%. Announcement • Feb 23
Seafco Public Company Limited Proposes to Pay Dividend for the Year 2023, Payable on May 27, 2024 Seafco Public Company Limited announced that at the AGM to be held on April 29, 2024, the company will pay a dividend at the rate of THB 0.14 per share. To pay cash dividend at the rate of THB 0.09 per share. To pay dividend by ordinary shares at the par of THB 0.50 in the ratio of 10 current shares per 1 dividend share (representing 0.05 per share). In case of a fraction share, the Company will pay dividend in cash at the value of THB 0.05 per share. The record date (RD) for right to receive dividends on May 7, 2024 and dividend payment will be made on May 27, 2024. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿0.23 (vs ฿0.17 loss in FY 2022) Full year 2023 results: EPS: ฿0.23 (up from ฿0.17 loss in FY 2022). Revenue: ฿1.80b (up 130% from FY 2022). Net income: ฿169.4m (up ฿298.9m from FY 2022). Profit margin: 9.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Feb 22
Seafco Public Company Limited, Annual General Meeting, Apr 29, 2024 Seafco Public Company Limited, Annual General Meeting, Apr 29, 2024, at 09:00 SE Asia Standard Time. Location: Meeting Room 3rd Floor Thailand Agenda: To acknowledge the operating results in 2023 and approval on statement of financial position and comprehensive statement of profit and loss for the year ended 31 December 2023; to consider approval on appropriation of profit and dividend payment for the operating results of 2023; to consider approval on increase in the registered capital of the company to facilitate the dividend payment; and to consider other matters. Price Target Changed • Dec 07
Price target decreased by 11% to ฿4.03 Down from ฿4.55, the current price target is an average from 3 analysts. New target price is 50% above last closing price of ฿2.68. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿0.17 next year compared to a net loss per share of ฿0.18 last year. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.053 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.08 (up from ฿0.053 loss in 3Q 2022). Revenue: ฿490.1m (up 236% from 3Q 2022). Net income: ฿62.6m (up ฿101.6m from 3Q 2022). Profit margin: 13% (up from net loss in 3Q 2022). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.02 (vs ฿0.077 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.02 (up from ฿0.077 loss in 2Q 2022). Revenue: ฿439.2m (up 156% from 2Q 2022). Net income: ฿12.5m (up ฿69.2m from 2Q 2022). Profit margin: 2.9% (up from net loss in 2Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.059 loss in 1Q 2022) First quarter 2023 results: EPS: ฿0.08 (up from ฿0.059 loss in 1Q 2022). Revenue: ฿480.4m (up 103% from 1Q 2022). Net income: ฿58.5m (up ฿102.0m from 1Q 2022). Profit margin: 12% (up from net loss in 1Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Board Change • Dec 31
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Independent Director Chularat Suteethorn was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 20
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: ฿0.05 loss per share (improved from ฿0.077 loss in 3Q 2021). Revenue: ฿150.8m (down 25% from 3Q 2021). Net loss: ฿39.0m (loss narrowed 32% from 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -฿0.17 to -฿0.20 per share. Revenue forecast of ฿761.0m unchanged since last update. Construction industry in Thailand expected to see average net income growth of 16% next year. Consensus price target of ฿4.37 unchanged from last update. Share price rose 2.9% to ฿3.50 over the past week. Reported Earnings • Aug 17
Second quarter 2022 earnings released: ฿0.08 loss per share (vs ฿0.003 loss in 2Q 2021) Second quarter 2022 results: ฿0.08 loss per share (down from ฿0.003 loss in 2Q 2021). Revenue: ฿186.5m (down 48% from 2Q 2021). Net loss: ฿56.7m (loss widened ฿54.7m from 2Q 2021). Over the next year, revenue is forecast to grow 69%, compared to a 17% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Price Target Changed • May 24
Price target decreased to ฿4.56 Down from ฿5.01, the current price target is an average from 3 analysts. New target price is 28% above last closing price of ฿3.56. Stock is down 26% over the past year. The company is forecast to post a net loss per share of ฿0.09 next year compared to a net loss per share of ฿0.077 last year. Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: ฿0.06 loss per share (down from ฿0.032 profit in 1Q 2021). Revenue: ฿245.9m (down 58% from 1Q 2021). Net loss: ฿43.5m (down 282% from profit in 1Q 2021). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 23%, compared to a 42% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: ฿0.08 loss per share (down from ฿0.21 profit in FY 2020). Revenue: ฿1.47b (down 43% from FY 2020). Net loss: ฿56.6m (down 137% from profit in FY 2020). Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 35%, compared to a 20% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Announcement • Mar 01
Seafco Public Company Limited, Annual General Meeting, Apr 22, 2022 Seafco Public Company Limited, Annual General Meeting, Apr 22, 2022, at 09:00 SE Asia Standard Time. Agenda: To consider the minutes of the general meeting of shareholders for the year 2021; to consider the acknowledgement on the operating results in 2021; to consider the statement of financial position and comprehensive statement of profit and loss for the year ended 31 December 2021; to consider the approval on not appropriation of profit and not dividend payment for the operating results of 2021; to consider the election of the directors in replacement of the directors whose term had expired; to consider the acknowledgement of the resignation of the director; to consider the determination of remuneration of the directors of the company; to consider the appointment of the auditor and determination of the audit fee for the year of 2022; and to consider the other issues (if any). Announcement • Feb 03
Seafco Public Company Limited Announces Board and Committee Changes Seafco Public Company Limited announced that Acknowledge Assoc. Prof. Dr. Somjai Phagaphavivat independent directors will retire at the Annual General Meeting of Shareholders in the year 2022, without return to the position in the next term because, Which will expire on the date of the Annual General Meeting of Shareholders for the year 2022 because appointed as a has been independent director for more than 9 years. In order to appropriate and comply with the good governance management. As for the position of the chairman of the board of directors therefore ended on February 1, 2022. Acknowledge of the director resignation of Independent Directors of Mr. Somkuan Watakeekul and Mr. Somkual Musig-In since the date of the Annual General Meeting of Shareholders for the year 2022 because appointed as independent directors for more than 9 year. In order to appropriate and comply with the good governance management. As for the position of the chairman of the board of directors therefore ended on February 1, 2022. Resolved to approve Mr. Siwa Sangmanee from Independent director and chairman of the audit committee to serve as the Chairman of the Board of Directors and Independent Director since February 1, 2022. As for the position of the chairman of the audit therefore ended on February 1, 2022. Resolved to approve Miss Chularat Suteethorn from Independent director and Audit committee to serve as the Chairman of the Audit Committee, Chairman of the Risk management Committee and Independent Director since February 1, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.08 loss per share (vs ฿0.032 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿210.9m (down 60% from 3Q 2020). Net loss: ฿57.1m (down 344% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 21
Second quarter 2021 earnings released: ฿0.003 loss per share (vs ฿0.097 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ฿359.8m (down 51% from 2Q 2020). Net loss: ฿1.95m (down 103% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.13 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿597.5m (down 31% from 1Q 2020). Net income: ฿23.9m (down 75% from 1Q 2020). Profit margin: 4.0% (down from 11% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Mar 18
Consensus EPS estimates fall to ฿0.28 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿2.78b to ฿2.52b. EPS estimate also fell from ฿0.36 to ฿0.28. Net income forecast to grow 39% next year vs 30% growth forecast for Construction industry in Thailand. Consensus price target down from ฿5.63 to ฿5.18. Share price was steady at ฿4.76 over the past week. Price Target Changed • Mar 17
Price target decreased to ฿5.18 Down from ฿5.68, the current price target is an average from 5 analysts. New target price is 8.4% above last closing price of ฿4.78. Stock is up 23% over the past year. Reported Earnings • Mar 06
Full year 2020 earnings released: EPS ฿0.21 (vs ฿0.55 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿2.56b (down 16% from FY 2019). Net income: ฿154.4m (down 62% from FY 2019). Profit margin: 6.0% (down from 14% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue and earnings miss expectations Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 32%. Over the next year, revenue is forecast to grow 8.7%, compared to a 17% growth forecast for the Construction industry in Thailand. Announcement • Mar 04
Seafco Public Company Limited Approves Appointment of Chularat Suteethorn as an Independent Director Seafco Public Company Limited approved appointment of new directors by Recruitment and Compensation Committee, Ms. Chularat Suteethorn apparently to serve as an independent director. Announcement • Mar 03
Seafco Public Company Limited, Annual General Meeting, Apr 22, 2021 Seafco Public Company Limited, Annual General Meeting, Apr 22, 2021, at 02:00 Coordinated Universal Time. Agenda: To consider the minutes of the general meeting of shareholders for the year 2020; to consider acknowledgement on the operating results in 2020; to consider approval on statement of financial position and comprehensive statement of profit and loss for the year ended 31 December 2020; to consider acknowledgement on the Interim dividend payment; to consider approval on appropriation of profit and dividend payment for the operating results of 2020; to consider election of the directors; to consider appointment of new directors by Recruitment and Compensation Committee; to consider approval on determination of remuneration of the directors of the company; to consider appointment of the auditor and determination of the audit fee for the year of 2021; and to consider other issues. Is New 90 Day High Low • Feb 25
New 90-day low: ฿4.42 The company is down 14% from its price of ฿5.15 on 27 November 2020. The Thai market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.18 per share. Price Target Changed • Feb 06
Price target lowered to ฿5.68 Down from ฿6.20, the current price target is an average from 4 analysts. The new target price is 24% above the current share price of ฿4.58. As of last close, the stock is down 28% over the past year. Is New 90 Day High Low • Dec 23
New 90-day low: ฿4.50 The company is down 12% from its price of ฿5.10 on 24 September 2020. The Thai market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.36 per share. Price Target Changed • Nov 27
Price target lowered to ฿6.20 Down from ฿7.23, the current price target is an average from 4 analysts. The new target price is 20% above the current share price of ฿5.15. As of last close, the stock is down 15% over the past year. Major Estimate Revision • Nov 18
Analysts lower EPS estimates to ฿0.33 The 2020 consensus revenue estimate was lowered from ฿2.98b to ฿2.74b. Earning per share (EPS) estimate was also lowered from ฿0.41 to ฿0.33 for the same period. Net income is expected to grow by 15% next year compared to 20% growth forecast for the Construction industry in Thailand. The consensus price target was lowered from ฿7.23 to ฿6.97. Share price is down by 6.8% to ฿4.80 over the past week. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.03 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿525.3m (down 31% from 3Q 2019). Net income: ฿23.4m (down 77% from 3Q 2019). Profit margin: 4.5% (down from 14% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 19
New 90-day low: ฿4.84 The company is down 26% from its price of ฿6.55 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.53 per share. 
